Invest Securities reaffirms its 'buy' recommendation on Worldline, while reducing its target price from 24 to 23 euros, remaining positive after a first quarter judged 'reassuring' and marginally adjusted estimates (-0.2%/-0.9%/-0.7% on its 2024-26 net sales).

The current valuation levels are aberrant, unless a structural deterioration in results over the medium to long term is factored in", says the analyst, who also points to a change in governance and a dynamic of partnerships "moving in the right direction".

The investor day in the second half of 2024 will be a key event for quantifying medium-to-long-term potential, in particular the normative EBITDA margin, once the restructuring costs associated with Power24 are behind us", he continues.

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